article The US has lost half of its value since it reached a peak of more than $700bn in 2009, a new US study has found.
The figure was based on the gross domestic product of the US, which was revised to reflect the amount of goods and services produced and sold worldwide.
The report by the Federal Reserve Bank of St Louis found that the GDP was down by nearly 0.5% over the same period, to $6.4tn.
The latest revision also lowered the figure for the US as a whole, from $7.6tn to $7,926tn.
“GDP has not recovered the level it reached before the financial crisis,” said Mark Zandi, chief economist at Moody’s Analytics.
“But it’s still up about 7% from its peak, which is a solid showing.”
The report, released by the Fed on Thursday, showed that the US economy grew by just 2.4% in the first quarter of this year, the slowest pace since 2010.
The unemployment rate rose to 5.4%, the highest since 2009.
“The US economy remains weak,” Mr Zandi said.
“It has had to contend with an increasingly severe financial crisis, but it has also had to deal with a shrinking job market, stagnant wages, and sluggish job growth.”
The Fed said the unemployment rate was now just 1.9% after declining to 2.9.
“These developments, combined with the adverse impact of the financial meltdown on business investment, have led to an accelerating deterioration of the economy, particularly among low-wage sectors,” the report said.